They won't need a kick boxing video when Payday Super kicks off on July 1.
That will be more than a kick in the guts to the many employers already struggling.
Sorry to put a "no joke" in the joke section !!!! I love the billionaire joke preceding, it's a beauty.
So why do you think the employer is entitled not to promptly put the workers super into workers super account? The worker has done their part of the contract.
Because, the more pressure and costs and taxes placed on the employer, then many are not likely exist.
That then leaves the employee out on the street and the social security costs then skyrocket.
Which in turn raises the income tax on the existing workers lucky to still have a job to cover the exponential rise in dole payments.
Because, the more pressure and costs and taxes placed on the employer, then many are not likely exist.
That then leaves the employee out on the street and the social security costs then skyrocket. Which in turn raises the income tax on the existing workers lucky to still have a job to cover the exponential rise in dole payments.
Simples.
Not so simple. Some companies have held superannuation and gone bust without any payment . Holding super payments disadvantages the funds of employees.
Without a decent superannuation amount to provide for old age etc, that employee could be become a dependent on a pension provided by the government. Some ex-employees have super funds substantial enough that they do not have a government provided pension. Funds for pensions are provided by taxes, so if more pensions are paid out more tax funds are required. So would that not require more income tax?
Maybe the employer should get smarter with the business. A few tax benefits they get eg vehicles, tools, rents etc etc . Sure business is hard but proper payment of superannuation is part of doing business just like power, fuel, rent etc etc . That is no joke, I understand.
If every company has to pay the super Levi at X time on time, it is a level playing field for every company.
If anyone in our block of units doesn't pay their levy on time they are charged 10% interest rate. It encourages a level playing field as far as I understand it.
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While I agree this substantially helps workers and reduces risk of losing if the company goes bust, but it is a huge impact on employers. Under the old system they had to do the reconcilation then submit the details four times a year. Now it is within 7 days of payday. If they pay weekly that is 52 times a year instead of 4. A lot of extra work.
On top of that, the penalties for being even a day late (funds actually in the employee super account) are way over the top. 60% of any missed amount is the default. With such tight deadlines and such heavy penalties the likelihood of a strugglinng small business going bust as a result is notably greater .... the employees are out on the street as mentioned by rmoor.
So, sure, employees have less risk of losing super, but the cost to businesses is higher, with less working capital to cover the bad times, and the tight lodgement timeframe plus penalties may be enough for them to fail. No doubt some employers will move away from weekly/fortnightly paydays to help with this burden. Many employees won't like that.
Edit. Whoops, sorry. I just noted this the Jokes forum.
-- Edited by Are We Lost on Thursday 21st of May 2026 06:13:49 PM
